Elements and Performance Criteria
- Determine client risk profile
- Use effective communication skills to confirm client’s financial needs, expectations and objectives in accordance with organisational requirements
- Obtain valid and relevant information to determine complexity of client needs and analyse their asset and liability management framework
- Assess risk based on understanding of client’s personal situation, operating environment or core business
- Establish client’s risk tolerance level and discuss with client to confirm risk profile
- Assess product risk relative to client risk profile
- Identify a range of products that meet client objectives
- Access information on risk associated with these products using appropriate analytical techniques
- Develop assessment criteria for measuring level of potential or existing risk, together with assessment of consequences in accordance with organisational procedures
- Compare risk for a range of financial products to client’s risk profile and stated objectives in accordance with client and organisational requirements
- Assess alternative products and estimate long-term and short-term effects
- Identify, analyse and discuss incidents and factors increasing or diminishing financial performance with client
- Confirm that client understands the risk in any potential strategy recommendation
- Report findings
- Document risk management alternatives in accordance with organisational requirements and relevant legislation
- Prepare and explain retail client disclosure documents, outlining client responsibilities to client
- Update, modify and accurately maintain client information in accordance with organisational and legislative requirements
- Prepare and file risk analysis documentation in accordance with organisational and legislative requirements